Scatec Solar's third quarter consolidated revenues reached NOK 655 million, up from 281 million in the same period last year. Consolidated EBITDA reached NOK 595 million, up from NOK 222 million last year.
Power production reached 157GWh in the third quarter, broadly in line with the same quarter last year excluding divestments, and up 7% from previous quarter.
Scatec Solar has entered into a partnership agreement with Statoil ASA to establish a 50/50 joint venture to build, own and operate large scale solar plants in Brazil. The Joint Venture has an ambition to become a significant player in the Brazilian solar market. Scatec Solar secured a net gain of NOK 375 million on this transaction in the third quarter.
On October 6, financial close was reached for three solar PV plants in Malaysia, totalling 197MW. Financing for the plants has been raised through a successful issuance of the world's largest green SRI Sukuk (Islamic bond). Additional 400MW in Egypt and 258MW in South Africa are approaching financial close with expected construction start in 2018.
Scatec Solar's proportionate share of revenues reached NOK 922 million, up from 209 million in the same period last year. The proportionate EBITDA reached NOK 500 million, up from 111 million in the same period last year. Cash flow to equity across all business activities reached NOK 216 million in the third quarter, compared to NOK 29 million in the same period last year.
"Our strong financial results reflect the value that has been created over the last few quarters. The Statoil partnership in Brazil and the Malaysian transaction clearly demonstrate the strength of our project portfolio and business model. I am very proud of our organisation's ability to deliver high value projects in new environments," says Scatec Solar's CEO, Raymond Carlsen.